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Chapter 7 bankruptcy filed by construction company

Even though business owners in Pennsylvania may aspire to thrive for years and even decades, a company's financial status may quickly take a turn for the worst given the right situation. For instance, a dip in the economy may keep buyers from purchasing a company's services or products. One construction company in another state recently decided to file for a Chapter 7 bankruptcy after being unable to keep its doors open.

The company’s shutdown will result in the layoffs of more than 280 employees. The company’s closure occurred shortly after the business said it would shut down the construction division while keeping the structural steel portion of the business open. Employees in multiple state are affected by the closure.

The business had $10 million to $50 million worth of assets as well as liabilities. It also had an estimated 200 to 999 creditors. Directors and shareholders at the company signed the bankruptcy documents in early July.

Building a business and realizing that one cannot keep it open for financial reasons can be devastating; however, filing for Chapter 7 bankruptcy allows a person to properly shut down the business. During a Chapter 7 filing in Pennsylvania, a company's assets will be marshaled, or accumulated, and then liquidated. Afterward, the assets will be sold and reduced to cash for the benefit of its creditors. Unsecured debt that remains will be formally discharged as part of the bankruptcy filing. Thanks to bankruptcy protection, an entrepreneur can leave a struggling business behind and enjoy the opportunity to go after other attractive business possibilities.

Source: wzzm13.com, "Lamar Construction files chapter 7 bankruptcy", Christopher Zoladz, July 11, 2014

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Bryan P. Keenan & Associates, PC

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